It looks like Paulson’s gold obsession is paying off.
John Paulson has been betting big on gold for a few weeks now, and he is launching a new gold only fund in January.
According to Bloomberg, the hedge fund manager of Paulson and Co might have made $45 million in 5 weeks – off of just one of the gold investments in his portfolio.
Bloomberg reports: “Paulson & Co., based in New York, held 10.3 million shares of Toronto-based Detour as of Oct. 31, according to a Nov. 10 regulatory filing. The stock has gained 34 per cent since Oct. 31 to C$17.85 a share at 11:09 a.m. in Toronto Stock Exchange trading.”
Paulson’s other gold holdings include shares in Kinross Gold Corp. and Gold Fields Ltd, and he’s also the largest shareholder of AngloGold Ashanti Ltd.